Exhibit 99.1
News Release
ExxonMobil
Exxon Mobil Corporation
5959 Las Colinas Boulevard
Irving, TX 75039-2298
972 444 1107 Telephone
972 444 1138 Facsimile
FOR IMMEDIATE RELEASE
THURSDAY, APRIL 29, 2004
EXXON MOBIL CORPORATION ANNOUNCES ESTIMATED
FIRST QUARTER 2004 RESULTS
Net Income
$ Millions
$ Per Common Share
Assuming Dilution
0.83
1.05
Earnings Excluding Accounting
Change and Other Special Items
$ Millions
5,440
4,790
$ Per Common Share
Assuming Dilution
Total Revenues and
Other Income - $ Millions
Capital and Exploration
Expenditures - - $ Millions
IRVING, TX, April 29 -- Exxon Mobil Corporation today reported first quarter results. Net income of $5,440 million ($0.83 per share), decreased $1,600 million from the first quarter of 2003. First quarter 2003 earnings included a $550 million positive impact from the required adoption of the new accounting standard for asset retirement obligations and a one-time gain of $1,700 million from the transfer of shares in
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Ruhrgas AG. Excluding these impacts, first quarter 2004 earnings were a record and increased by $650 million.
Revenues and other income for the first quarter of 2004 totaled $67,602 million compared with $63,780 million in 2003. Capital and exploration expenditures of $3,401 million in the first quarter of 2004 were down $95 million compared with last year.
ExxonMobil's Chairman Lee R. Raymond commented as follows:
"First quarter earnings, excluding accounting changes and special items, were a record and improved in all parts of the business.
"Compared with last year's first quarter, ExxonMobil's first quarter 2004 net income of $5,440 million was down $1,600 million. Excluding a required accounting change and a special item recorded in first quarter 2003, earnings were up $650 million.
"Upstream earnings, excluding special items, were a record $4,013 million, an increase of $20 million from first quarter 2003 results reflecting higher production and continued strength in crude and natural gas prices.
"Liquids production increased by 5% versus first quarter 2003 and was at its highest level since the fourth quarter of 1988. On an oil-equivalent basis, production was at its highest level since the first quarter of 2001 and increased 1% from the first quarter of last year. Plans for long-term capacity increases remain on track as reflected by continued high levels of capital spending.
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"Downstream earnings were $1,004 million, an increase of $281 million from last year, reflecting improved worldwide refining conditions partly offset by weaker marketing margins.
"Chemical earnings of $564 million were up $277 million from last year's first quarter. Earnings benefited from stronger margins across the business and favorable foreign exchange effects.
"In the first quarter, ExxonMobil continued its active investment program, spending $3,401 million on capital and exploration projects, compared with $3,496 million last year, reflecting continued strong levels of upstream spending.
"During the quarter, the corporation acquired 47 million shares at a gross cost of $1,953 million to offset the dilution associated with benefit plans and to reduce common stock outstanding."
Additional comments on earnings for the major operating segments follow:
First Quarter 2004 vs. First Quarter 2003
Upstream earnings excluding special items were a record $4,013 million, up $20 million from the first quarter 2003 reflecting higher production and strong crude and natural gas prices.
Liquids production of 2,635 kbd (thousands of barrels per day) increased by 5% from 2,504 kbd in the first quarter of 2003. Higher production from new fields in West Africa and Norway and the absence of last year's national strike effects in Venezuela, was partly offset by natural field declines in mature areas.
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First quarter natural gas production decreased to 11,467 mcfd (millions of cubic feet per day), compared with 12,046 mcfd last year reflecting lower weather-related demand in Europe and natural field decline in mature areas partly offset by the start-up of an additional LNG train in Qatar.
Earnings from U.S. upstream operations were $1,154 million, down $105 million reflecting lower production from mature areas. Excluding the one-time $1,700 million Ruhrgas gain in 2003, non-U.S. upstream earnings of $2,859 million in 2004 were $125 million higher than last year's first quarter. Non-U.S. earnings increased due to liquids production growth from new projects.
Downstream earnings of $1,004 million were the highest first quarter since 1991 and increased $281 million from the first quarter of 2003, reflecting improved worldwide refining margins partly offset by weaker marketing conditions. Petroleum product sales were 8,082 kbd, 223 kbd higher than last year's first quarter.
U.S. downstream earnings were $392 million, up $218 million mainly due to higher refining margins. Non-U.S. downstream earnings of $612 million were $63 million higher than last year's first quarter.
Chemical earnings of $564 million were up $277 million from the same quarter a year ago due to stronger worldwide margins and favorable foreign exchange effects. Prime product sales of 6,792 kt (thousands of metric tons) were down 88 kt from last year's record first quarter.
Corporate and financing expenses of $141 million were lower by $72 million mainly due to reduced U.S. pension costs.
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During the first quarter of 2004, Exxon Mobil Corporation purchased 47 million shares of its common stock for the treasury at a gross cost of $1,953 million. These purchases were to offset shares issued in conjunction with company benefit plans and programs and to reduce the number of shares outstanding. Shares outstanding were reduced from 6,568 million at the end of the fourth quarter of 2003 to 6,540 million at the end of the first quarter. Purchases may be made in both the open market and through negotiated transactions, and may be increased, decreased or discontinued at any time.
Estimates of key financial and operating data follow. Financial data, except per share amounts, are expressed in millions of dollars.
ExxonMobil will discuss financial and operating results and other matters on a webcast at 10 a.m. central time on April 29, 2004. To listen to the event live or in archive, go to our website at www.exxonmobil.com.
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Statements in this release relating to future plans, projections, events, or conditions are forward-looking statements. Actual results, including production growth and capital spending, could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil or gas prices; political events or disturbances; reservoir performance; changes in OPEC quotas; timely completion of development projects; changes in technical or operating conditions; and other factors including those discussed under the heading "Factors Affecting Future Results" on our website and in Item 1 of ExxonMobil's 2003 Form 10-K. We assume no duty to update these statements as of any future date.
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Consistent with previous practice, the first quarter press release includes both net income and earnings excluding a required accounting change and a special item, both of which occurred in 2003. There were no special items reported in 2004. Earnings that exclude the aforementioned segments are a non-GAAP financial measure and are included to help facilitate comparisons of base business performance across periods. A reconciliation to net income is shown in Attachment II. Further information on ExxonMobil's frequently used financial and operating measures is contained on pages 26 and 27 in the 2003 Form 10-K and is also available through our website at www.exxonmobil.com.
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ATTACHMENT I
EXXON MOBIL CORPORATION
FIRST QUARTER 2004
(millions of dollars, except per share amounts)
EARNINGS / EARNINGS PER SHARE
Total revenues and other income
67,602
63,780
Total costs and other deductions
58,640
53,902
Income before income taxes
$8,962
$9,878
Income taxes
3,522
3,388
Income before accounting change
$5,440
$6,490
Accounting change
0
550
Net income (U.S. GAAP)
$5,440
$7,040
Net income per common share (dollars)
Income before accounting change
0.83
0.97
Accounting change
0.00
0.08
Net income
$0.83
$1.05
Net income per common share
- assuming dilution (dollars)
Income before accounting change
0.83
0.97
Accounting change
0.00
0.08
Net income
$0.83
$1.05
(continued)
ATTACHMENT I (continued)
EXXON MOBIL CORPORATION
FIRST QUARTER 2004
(millions of dollars, except per share amounts)
OTHER FINANCIAL DATA
Dividends on common stock
Total
$1,642
$1,541
Per common share
Millions of common shares outstanding
Average
Average-assuming dilution
6,582
6,714
Shareholders' equity at March 31
Income and other taxes
Income taxes
Excise taxes
All other taxes
Total taxes
ExxonMobil's share of income taxes
of equity companies:
ATTACHMENT II
EXXON MOBIL CORPORATION
FIRST QUARTER 2004
FUNCTIONAL EARNINGS
(millions of dollars)
Net Income (U.S. GAAP)
Upstream
United States
Non-U.S.
Downstream
United States
Non-U.S.
Chemical
United States
Non-U.S.
Corporate and financing
Income before accounting change
5,440
6,490
Accounting change
0
550
Net income (U.S. GAAP)
Accounting Change and Other Special Items
Upstream
Non-U.S.
0
1,700
Accounting change
0
550
Corporate total
Earnings Excluding Accounting Change and Other Special Items
Upstream
United States
1,154
1,259
Non-U.S.
2,859
2,734
Downstream
United States
392
174
Non-U.S.
612
549
Chemical
United States
118
16
Non-U.S.
446
271
Corporate and financing
(141)
(213)
Corporate total
$5,440
$4,790
ATTACHMENT III
EXXON MOBIL CORPORATION
FIRST QUARTER 2004
Net production of crude oil
and natural gas liquids,
thousands of barrels daily (kbd)
United States
Canada
Europe
Asia-Pacific
216
232
Africa
543
414
Other Non-U.S.
Worldwide
Natural gas production available for sale,
millions of cubic feet daily (mcfd)
United States
Canada
Europe
Asia-Pacific
1,591
1,752
Other Non-U.S.
Worldwide
Oil-equivalent production (koebd)*
4,546
4,512
(continued)
*Gas converted to oil-equivalent at 6 million cubic feet = 1 thousand barrels
ATTACHMENT III (continued)
EXXON MOBIL CORPORATION
FIRST QUARTER 2004
Petroleum product sales (kbd)
United States
Canada
Europe
Asia-Pacific
1,682
1,805
Other Non-U.S.
Worldwide
Gasolines, naphthas
Heating oils, kerosene, diesel
Aviation fuels
Heavy fuels
Specialty products
Total
Refinery throughput (kbd)
United States
Canada
Europe
Asia-Pacific
1,412
1,506
Other Non-U.S.
Worldwide
Chemical product revenue
($ millions)
United States
Non-U.S.
Worldwide
Chemical prime product sales,
thousands of metric tons (kt)
United States
2,803
2,850
Non-U.S.
3,989
4,030
Worldwide
6,792
6,880
ATTACHMENT IV
EXXON MOBIL CORPORATION
FIRST QUARTER 2004
(millions of dollars)
Capital and Exploration Expenditures
Upstream
United States
Non-U.S.
2,249
2,295
Total
2,704
2,784
Downstream
United States
202
308
Non-U.S.
308
273
Total
510
581
Chemical and administrative
United States
97
63
Non-U.S.
90
68
Total
187
131
Worldwide
Exploration expenses charged to income
included above
Consolidated affiliates
United States
Non-U.S.
Equity companies - ExxonMobil share
Non-U.S.
Worldwide
ATTACHMENT V
EXXON MOBIL CORPORATION
NET INCOME
$ Millions
Per Common Share
2000
-
First Quarter
-
Second Quarter
-
Third Quarter
-
Fourth Quarter
Year
2001
-
First Quarter
-
Second Quarter
-
Third Quarter
-
Fourth Quarter
Year
2002
-
First Quarter
-
Second Quarter
-
Third Quarter
-
Fourth Quarter
Year
2003
-
First Quarter
-
Second Quarter
-
Third Quarter
-
Fourth Quarter
Year
2004
-
First Quarter